Daily Pivots: (S1) 136.33; (P) 137.08; (R1) 138.19; More…
GBP/JPY’s rally resumed after brief consolidation and intraday bias is back on the upside. Current rise from 123.94 should target 100% projection of 123.94 to 135.74 from 129.27 at 141.07 next. On the downside, break of 135.95 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, overall, price actions from 122.75 (2016 low) are seen as a sideway consolidation pattern. Current development suggests that it might extend with another rising leg. But still, an eventual downside break out is expected as long as 147.95 resistance holds. Firm break of 122.75 will resume larger down trend from 195.86 (2015 high).
